Wanda Film Restructuring Not Linked to LEVP, Legendary Pictures, Wanda President Says

Dou Shicong

DATE : Jan 09 2018/SOURCE : Yicai

Wanda Film Restructuring Not Linked to LEVP, Legendary Pictures, Wanda President Says

(Yicai Global) Jan. 9 -- The major asset restructuring of Wanda Film Holding Co. [SHE:002739], a unit of China's commercial real estate giant Dalian Wanda Group Co., mainly involves the group's film and television company and has nothing to do with Le Vision Pictures or Legendary Pictures, as previous speculation held, Zeng Maojun, President of Wanda Film Holding, said yesterday.

Zeng made the above statement at the investor briefing Wanda Film Holding held yesterday on the asset restructuring, tech.qq.com reported. Wanda Media Co., the object of the reshuffle, set up a joint venture with Tencent Holdings Ltd. [HK:0700] in July and will air a TV series this summer adapted from an online novel the rights to which the latter owns, he said, adding that Wanda Media is also filming a corresponding movie of the same title.

Trading in Wanda Film Holding shares has been suspended since the company announced the restructuring plan last July. Rumors swirled that the makeover was associated with Legendary Pictures Wanda Group acquired or the Le Vision Pictures of Leshi Internet Information & Technology Corp. Beijing [SHE:300104].

Wanda Group bought Legendary Pictures lock, stock and barrel for USD3.5 billion in 2016, marking the largest overseas acquisition by a Chinese company in the culture and entertainment field.

Leshi suffered a series of severe financial shocks last year. Sun Hongbin, who has replaced Leshi founder Jia Yueting as the company's chairman, suggested the possibility of cooperation between Le Vision Pictures and Wanda Film Holding last July.